Det Norske Completes Marathon Oil Norge Acquisition
Norway's Det norske oljeselskap reported Thursday that it has finalized the acquisition of Marathon Oil Norge, and that there would be no redundancies as a result of the takeover.
Det norske said that the acquisition makes it one of the largest publicly-listed independent exploration and production companies in Europe in terms of output. In 2013, the combined production of the two firms amounted to approximately 84,000 barrels of oil per day.
Det norske announced in June that it was paying $2.1 billion to acquire Marathon Oil Norge. Following the integration – which took four and a half months to complete – the combined business employs close to 500 people.
In a company statement Thursday, Det norske Chief Executive Karl Johnny Hersvik commented:
"The acquisition entails that we become a large operator and a robust company with ambitions on the Norwegian shelf. We are acquiring a solid portfolio with high production rates and significant operational experience that adds to Det norske's exploration and development capabilities. Consequently, there will be no redundancies, and we will retain the Stavanger office."
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